ANAND RATHI WEALTH LTD

Distributes and advises on financial products for Indian households, earning advisory fees on assets it manages and distribution commissions on products it places. Total assets under advice stood at ₹1,06,300 crore as of Q1 FY27, served by 417 relationship managers across 13,941 client families, with ₹2,743 crore of net inflows added that quarter. The mutual fund distribution franchise held 2.47% of Category II (equity-oriented) net flows in FY26, up from 0.18% in FY19-20, and the firm also places market-linked debentures (₹2,187 crore of primary issuances in Q1 FY27, up 8% YoY, plus ₹968 crore of secondary trades). Two technology-led extensions sit alongside the core advisory: a B2B2C 'Digital Wealth' arm with ₹2,526 crore of AUM and 7,320 clients, and an 'OFA' SaaS platform with 6,890 subscribers sitting on ₹1.66 lakh crore of platform assets. Backward-integration steps in motion include a SEBI mutual fund sponsor application, a newly commenced UK subsidiary, and an in-principle GIFT City fund-management entity approval. The cost base is dominated by people — employee costs run at 46.1% of revenue — making the model light on capital (capex 1.2% of revenue) but dependent on retaining relationship managers; client attrition in Q1 FY27 was 0.09% of AUM lost and reported RM attrition was zero.